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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 06, 1918
Page
2
Financial markets showed no clear direction with irregular price moves as traders dominated by specialists targeted rising issues. The Capital Issues Committee widens oversight to include bank loans for capital purposes, urging restraint on nonessential wartime investments while noting hefty month dividends and varied sector payouts.
Over the past three days banks liberalized offerings of time money with six percent for sixty and ninety day maturities on straight industrial collateral and five percent for sixty days on mixed collateral. Call money at the Stock Exchange held at 5 to 4 percent, while year ago rates show declines for call money and time money on various collateral. Sub Treasuries show a gain of 3,404,000 and the commercial paper market remains quiet with rates steady at six percent for top maturities. Bank acceptances show active demand.
The dollar traded with little movement as neutral exchanges held firm. Swiss francs rose to 3.09 per dollar while the Italian exchange stayed steady. closing levels showed a week on week comparison.
Washington June 5 The War Industries Board weighs fixing prices on lumber and cotton fabrics for private consumers to match government pricing. It may set margins on profits if textile prices rise and could stabilize raw cotton if needed.
Guaranty Trust Company of New York to open a Tours office mainly to distribute wartime services for American expeditionary force members. No general banking will be done there. Mannevig’s New Quarters to house shipping dept at 2 Broadway from June 10. Paris Bourse notes quiet trading with three per cent rentes at 60 francs cash and London exchange at 27 francs 16 centimes. Five per cent loan at 81 francs 95 centimes.
After a full day at Grand Central Terminal the Railway Executives Advisory Committee led by T De Witt Cuyler announced progress in negotiating a standard contract for railroad use under federal control. Key questions remain on base return, excess maintenance costs, and the director general’s authority to require improvements. Notable attendees included leaders from New York Central, Pennsylvania, Baltimore & Ohio, Chicago Great Western and others.
Record shows stock exchange transactions with figures for yesterday, day before, week ago, and year ago across stocks, bonds, and government securities. Mentions notable figures and a list of officials and executives including Winslow S. Pierce, Lawrence Grier, J. B. Kerr, Charles Hayden, Samuel Untermyer, S. Davies Warfeld, E. G. Buckland, and E. C. Henderson.
At a special Albany meeting the New York Central Railroad stockholders empowered directors to sign an operation agreement with the government under Federal control. If no satisfactory deal is reached, directors may pursue legal remedies. Shareholders represented totaled 1,564,949. W. K. Vanderbilt Jr. now presides as president, succeeding A. H. Smith.
The Federal Farm Loan Board withdrew further offering of farm loan bonds after 60 million dollars were sold in the prior two weeks, funding loans until about November 1. Offerings to resume after the fourth Liberty Loan earning. The board also halted Federal Land Bank bond sales for the time being and instructed groups not to confirm further sales. Demand was strong among investors despite the proximity to the third Liberty Loan, with over 56 million dollars sold in fifteen days.
Orrin E. Parks of Westfield, civil engineer and Hampden Railroad Corp. general manager, testified in the Hampden vs Boston & Maine trial that the salvage value of the road on January 1, 1914, was 120,440 dollars. He detailed rails worth 50,000 dollars, ties 12,500, frogs switches and track fastenings 4,250, bridges 35,490, water tank 1,000, 360 acres of Hang At serestation buildings 2,400.
Gold held by Reserve agents against circulation included in general fund beginning June 24 1917. For comparison it is included in the 1917 figures.
Washington June 5 Comptroller of the Currency Williams issued a circular asking national banks for their views on a Senate bill for a federal guarantee of deposits under six thousand dollars. He said opposition has grown and aims to uncover its source. He argued the measure would release hoarded funds protect 16 million depositors prevent runs and strengthen banking system unity. Since January 1 no national bank failed and 123 new charter applications have been received.
The article compiles annual and monthly financials for multiple firms including Acme Tea Company, American Power & Light, New York Railways, Albert Pick & Co, Colorado Power, New Orleans Texas & Mexico Railway, Lamson Company, Duluth & Iron Range Railroad, American Pneumatic Service Co, and Minnesota’s Minneapolis Saint Paul routes. It reports sales, gross and net earnings, taxes, dividends, surpluses, and year totals for 1917 and early 1918 periods, highlighting gains and contrasts with prior years. Key entities include Acme Tea Company, American Power & Light, New York Railways, Lamson Company, and the Duluth & Iron Range Railroad, among others.
The International Mercantile Marine Directors meet to discuss plans for assets with a rally in the preferred stock reaching 106 percent before retreating. Rumors of a ten point rise persist though unconfirmed. Nations Enameling and Stamping reports half capacity on government enamelware contracts while supplying military needs. New Haven shares slide from 437.5 to 40.5 before reclaiming some losses. Italian rate rumors hover around 9.10 lire per dollar, unconfirmed by officials. Crucible Steel breaks ground at Midland for a 2 million mill extension for government products. A heated New Street bout among brokers ends with police intervention.
A National City Bank compilation notes a severe tin shortage delaying imports into the United States. The domestic tin plate industry, worth about 100 million dollars, relies on imports over 90 percent from the Orient, now constrained by Dutch embargoes and limited tonnage. Bolivia remains a key non orient producer, while US tin prices have surged from 18 cents in 1897 to 53 cents per pound in 1917, with outputs and demand rising faster than world supply.
Directors of the Twin City Rapid Transit Company met in Minneapolis yesterday and voted to pass the quarterly dividend of 1 percent on the $22,000,000 common stock outstanding. Horace Lowry, president, attributed the cut to a sharp earnings drop and rising operating costs. From 1909 to March this year the common stock dividend was 6 percent, reduced to 4 percent.
Elections named Robert H. Parks of Canadian Car and Foundry as a new director. Boward P. Mathewson previously held securities at auction. The Adrian H. Muller exchange room reported multiple securities sales yesterday for accounts including section 1 shares and various listed items.
May pig iron production reached 111 175 tons per day, with total May output at 3 488 412 tong, near historic highs. The Iron Age notes compared to 113 189 in Oct 1916 and 109 607 in April, as demand for labor and materials grows for wartime production and munition plants.
A long list of quarterly and extra dividends declared by Merrimac Chemical, Hercules Powder, Appleton, Finance Company of Pennsylvania, King Philip Cotton Mills, American Cigar, American Smelters, American Tobacco, Associated Oil, Buffalo General Electric, Central States Electric, J H Dunham & Co, Guarantee Trust, G W Helme, Chandler Motor Car, Namestake Mining, Loose-Wiles Biscuit, P Lorillard, Manhattan Electrical Supply, Mortage-Hand, Quincy Mining, Savoy Oil, Sherwin Williams, United Dyewood, United Light and Railways, Utilization Securities, Weymanstraton announces various per share or percentage dividends, with stockholder record and payment dates spanning May to July.
American Snuff Co, American Tobacco Co, and other firms announce July 1 1918 dividend payments. Records close June 14 1918. Checks mailed to holders. various stock types and percentages listed. Receipts to be sent by mail. irregular spellings reflect OCR.
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